Gold prices extended losses on Tuesday as investors moved to lock in profits, despite heightened demand for safe-haven assets amid the escalating US and Israeli air campaign against Iran. Fears are growing that the conflict could evolve into a prolonged regional war, adding to global uncertainty.
Spot gold fell by more than 4% to $5,108.79 per ounce, while US gold futures declined 3.1% to $5,141.70 per ounce.
Spot silver also dropped sharply, losing 8.6% to trade at $81.51 per ounce.
In the previous session, gold had surged to its highest level in more than four weeks after the United States and Israel launched strikes on Iran over the weekend.
